888 Holdings reported record $560.3m revenue growth for 2019

17 Apr 2020

888888 Holdings PLC has announced a 6% year-on-year increase in revenue to a record high of $560.3m for 2019. According to its financial results for the year ended 31 December 2019, revenue from the regulated and tax markets stood for 74% at $414.6m.

It is worth noting that the majority of its revenue, totalling $530.5m, derived from B2C operations, including $359.3m from B2C casino which constitutes a 13% rise. Sports betting also went up, 12% to $90m, thanks to 888sport. On the other hand, B2B revenue went down 41% to $29.8m.

It is also worth noting that the company’s EBITDA dropped 14% to $92.1m, whilst the adjusted profit before tax went down to $53.2m; a decline of 39%. Nevertheless, player acquisition rose 22% to over a million new players for the year. The UK was the best-performing market of the firm, as it brought $204.1m of revenue; an increase of 20% compared to 2018 figures.

The CEO of 888 Holdings, Itai Pazner, stated that in spite of the difficulties caused by the increased gaming duties and the challenging conditions in some of their global markets; they managed to deliver a resilient financial performance during 2019, thanks to the combination of technology, compliance and diversification across their regulated markets.

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Even though 888 started as a casino and poker site, in 2008, the sportsbook came into the light. Since then, the offering has been steadily improving. It has moved its business to Gibraltar and has become one of the most established brands. It has a clear white markets strategy and focuses a lot on localization. It currently holds local licenses in countries with strict betting regulations, like Italy and Spain. In addition, it recently expanded to the US market, with the launch of the SI sportsbook. The horse and greyhound sections are excellent and you can utilize several features while betting. Nonetheless, there are some aspects I would like to see some enhancements. The site recently switched from the Kambi to an in-house built platform and faces the same problems as any new platform does. The number of markets offered, even for the top football events, has dropped considerably, especially compared to the competition. Also, there have been several instances where the Cash Out feature is suspended for a long period. Finally, the withdrawal times are rather slow. Overall, 888sport is a site worth trusting and following.

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